Plexus cuts losses after new strategy boosts sales

Plexus, the Aberdeenbased oil and gas technology firm, yesterday hailed a “very positive” outlook for the company as it announced a jump in sales and reduced losses in the first half of its financial year.

Revenue from continuing operations leapt to £1.3 million from £40,000 in the same period the previous year as the company reaped the benefit of a focus on expanding the global market for its Pos-grip wellhead technology which prevents gas leaks on drilling operations. Losses after tax fell to £2.3m from £2.7m.

Chief executive Ben van Bilderbeek said the recovery in oil prices and an industry focus on reducing harmful methane leaks meant it was an “exciting period for Plexus”.

Earlier this month the company described winning a major contract for its equipment from Russian energy giant Gazprom as a “breakthrough” deal.

Theorderwassecuredfor deployment on a gas exploration drilling programme on the Kara Sea Shelf in the Arctic Ocean.